New Developments in Cryptocurrency Regulation
According to recent reports, Tether has ramped up its efforts against illicit funds. So far, the company has frozen approximately $4.2 billion in USDT due to connections with illegal activities, marking a significant step forward in digital currency oversight.
Sharp Increase in Freezes Since 2023
Data shows that since 2023, Tether has frozen around $3.5 billion in USDT linked to illegal transactions, accounting for the majority of the total. This highlights a growing trend in cryptocurrency enforcement actions globally.
Collaboration With U.S. Authorities
This week, Tether assisted the U.S. Department of Justice in freezing nearly $61 million in USDT related to 'pig-butchering' scams, a fraudulent scheme that has become increasingly prevalent in recent years.
Technology Empowers Law Enforcement
Tether explained that it has the capability to remotely freeze USDT in wallets at the request of law enforcement agencies. This function enables authorities to track and block illicit funds, preventing further misuse.
- $3.5 billion in USDT frozen since 2023
- $61 million frozen this week
- Remote freeze technology supports enforcement